First United Full Year 2023 Earnings: EPS Beats Expectations
First United (NASDAQ:FUNC) Full Year 2023 Results
Key Financial Results
Revenue: US$69.7m (down 8.6% from FY 2022).
Net income: US$15.1m (down 40% from FY 2022).
Profit margin: 22% (down from 33% in FY 2022). The decrease in margin was primarily driven by lower revenue.
EPS: US$2.25 (down from US$3.77 in FY 2022).
FUNC Banking Performance Indicators
Net interest margin (NIM): 3.26% (down from 3.56% in FY 2022).
Non-performing loans: 0.32% (up from 0.30% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
First United EPS Beats Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.3%.
Looking ahead, revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 1.6% from a week ago.
Risk Analysis
Be aware that First United is showing 2 warning signs in our investment analysis that you should know about...
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